The Israeli Cabinet unanimously approved a peace agreement with the United Arab Emirates on Monday—the first peace agreement that Israel has signed in more than 25 years.

Israeli Prime minister Benjamin Netanyahu explained that the agreement will open the door to trade between Israel and its neighbors, leading to a major geopolitical and economic turning point.

“The agreement is different from its predecessors in that Israel is not conceding any territory whatsoever,” the Prime Minister’s Office reported.

Netanyahu explained that the agreement creates a major opportunity for companies like Chevron, which previously refused to conduct business in Israel due to tensions in the region. Chevron announced that it will now invest in offshore drilling, “adding billions to state coffers.” Netanyahu believes other companies will soon follow Chevron’s example.

The agreement is accompanied by Saudi Arabia opening its skies to Israeli planes, allowing its airspace to be used for travel to and from Israel.

“We are also completing the agreements with Bahrain, meaning that we will be making peace with two Arab states at the same time,” Netanyahu tweeted. “I have no doubt that we will soon see agreements with additional Arab and Muslim countries.”